I Love My Family (000560): Over-performed performance helps gambling target capital boost M & A development

Report Summary: The company’s annual report.

Benefiting from the consolidation of the real estate brokerage company I love, the company achieved an operating income of 106.

920,000 yuan, an increase of 710 in ten years.

91%; net profit attributable to mother 6.

31 ppm, a 10-year increase of 765.

69%, achieving a budget benefit of 0.

27 yuan; 2017, 2018, I am 11.

57 trillion, exceeding the performance commitment target, a completion rate of 105.

17%. This performance has an increase in the non-returned net profit after deducting the raised funds for the bet commitments for 2017, 18, and 19, not less than 500 million, 1.1 billion, and 1.8 billion US dollars.

  Brokerage and agency business grow steadily, and it is expected to achieve direct management + joining two-wheel drive in the future.

In 2018, the company’s brokerage business achieved revenue54.

85 ppm, gross margin 27.

77%, of which second-hand housing brokerage business contributed about 4 billion yuan, an increase of 3 per year.

2%, as of the end of 2018, the company’s offline stores have covered 17 major first- and second-tier cities, including Beijing, Tianjin, and Shanghai. The number of stores has reached 3,200 (452 franchised stores).3. New home agency business realized income 16.

3 ‰, an annual increase of 4.

5%, gross margin 28.

86%.

The company started the acquisition of Zhonghuan Internet in 2018.As a franchise-based brokerage company, Zhonghuan Internet currently has more than 2,400 stores and has competitive advantages in Nanchang, Changsha, Wuhan and other places. If the acquisition is completed, ZhonghuanInterconnection and the company will form regional coverage and complementary business models. The company’s store coverage will be expanded to 25 cities, with a number of more than 6,000. Second-hand housing brokerage business and new house agency business will bear its benefits.

  The company’s scale of management continues to increase, with revenue growth increasing.

As of the end of 2018, the scale of the house was 30.

30,000 sets, a net increase of 4.
.

80,000 units; operating efficiency remains good, representing an average national taxi rental of 94.

9%, with an average home-out cycle of 9.

7 days.

In 2018, the company’s asset management business realized revenue16.

54 ppm, an increase of 50 in ten years.

78%, through the growth in the scale of management, asset management business will become a ballast stone of the company’s revenue to resist cycle risks.

  Maintain the company’s overweight rating. It is estimated that 天津夜网 the EPS in 2019, 20 and 21 will be 0.

32, 0.

36, 0.

40 yuan, the corresponding PE is 24 times, 21.

3 times, 19.

4 times.

  Risk warning: Receipt of M & A progress is less than expected; second-hand housing market exceeds expectations